The present document presents the results of the Threat Vulnerability Risk Analysis (TVRA) for the NGN. The present document follows the method and proforma for carrying out a TVRA defined in TS 102 165-1 [i.4] and incorporates material of the NGN threat and risk analysis herein. The present document identifies security-relevant interfaces in the NGN, identifies security-relevant scenarios for use in the NGN, analyses NGN in terms of security threats and risks by performing a security threat and risk analysis, and classifies the identified vulnerabilities and the associated risk presented to the NGN. This threat and risk analysis makes a number of assumptions that are believed to hold for typical deployment scenarios of the NGN.